TransJamaican Highway says the acquisition of majority ownership in Jamaica Infrastructure Operators (JIO) negatively affected the company's year-end earnings.
At the end of TransJamaican's fourth quarter ended December, total losses amounted to $11.3 million.
The quarter's negative after tax result exceeds total losses incurred in the company's 2021-22 financial year.
For the 12 months to December, TransJamaican made a loss of US$7.2 million versus a profit of US$4 million in 2021.
TransJamaican Highway says the acquisition of JIO, which manages and operates the highway network on behalf of TransJamaican under contract, resulted in a one-time settlement loss of US$13.9 million.
TransJamaican Highway's revenue for the fourth quarter was US$18 million.
This brought the company's year-end revenues to US$65 million.
For the 2020-21 financial year, TransJamaican earned US$53 million.
The company says despite the losses incurred from the JIO transaction, it expected future cost savings and a reduction in operating expenses by more than 50 per cent or roughly US$12 million annually.